Text: HF02297 Text: HF02299 Text: HF02200 - HF02299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 422.7, Code Supplement 1997, is amended 1 2 by adding the following new subsection: 1 3 NEW SUBSECTION. 35. Subtract fifty percent of the cost of 1 4 the construction of a storm shelter for residents of a mobile 1 5 home park, as defined in section 435.1. This deduction shall 1 6 only be taken in the tax year in which the storm shelter is 1 7 completed. The cost of the construction of the storm shelter 1 8 includes the total cost whether incurred in the tax year in 1 9 which the shelter is completed or in previous years. This 1 10 deduction is in addition to any other deduction allowed the 1 11 taxpayer for the cost of the construction of a storm shelter 1 12 for residents of a mobile home park. 1 13 For purposes of this subsection, "storm shelter" means an 1 14 underground structure built for providing shelter and safety 1 15 for residents of a mobile home park. "Storm shelter" does not 1 16 include a structure used for storing or parking automobiles or 1 17 other motor vehicles and does not include facilities used 1 18 primarily for storage. 1 19 A taxpayer who is a partner of a partnership, member of a 1 20 limited liability company, or a shareholder of a S 1 21 corporation, may deduct that portion of the construction costs 1 22 qualified under this subsection and paid by the partnership, 1 23 limited liability company, or S corporation based on the 1 24 taxpayer's pro rata share of the profits or losses from the 1 25 partnership, limited liability company, or S corporation. 1 26 Sec. 2. Section 422.35, Code Supplement 1997, is amended 1 27 by adding the following new subsection: 1 28 NEW SUBSECTION. 18. Subtract fifty percent of the cost of 1 29 the construction of a storm shelter for residents of a mobile 1 30 home park, as defined in section 435.1. This deduction shall 1 31 only be taken in the tax year in which the storm shelter is 1 32 completed. The cost of the construction of the storm shelter 1 33 includes the total cost whether incurred in the tax year in 1 34 which the shelter is completed or in previous years. This 1 35 deduction is in addition to any other deduction allowed the 2 1 taxpayer for the cost of the construction of a storm shelter 2 2 for residents of a mobile home park. 2 3 For purposes of this subsection, "storm shelter" means an 2 4 underground structure built for providing shelter and safety 2 5 for residents of a mobile home park. "Storm shelter" does not 2 6 include a structure used for storing or parking automobiles or 2 7 other motor vehicles and does not include facilities used 2 8 primarily for storage. 2 9 Sec. 3. This Act, being deemed of immediate importance, 2 10 takes effect upon enactment and applies retroactively to 2 11 January 1, 1998, for tax years beginning on or after that 2 12 date. 2 13 EXPLANATION 2 14 The bill provides for individual and corporate income tax 2 15 purposes additional 50 percent deductions of the costs of the 2 16 construction of storm shelters for residents of mobile home 2 17 parks. The deduction is taken in the year the construction is 2 18 completed and includes the total cost of the construction even 2 19 if incurred in a previous year. A "storm shelter" is an 2 20 underground structure built for the residents' shelter and 2 21 safety and not for storing or parking motor vehicles or other 2 22 storage. 2 23 The bill takes effect upon enactment and applies 2 24 retroactively to January 1, 1998, for tax years beginning on 2 25 or after that date. 2 26 LSB 3445YH 77 2 27 mg/cf/24
Text: HF02297 Text: HF02299 Text: HF02200 - HF02299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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